When Geoff Hoon, who was Defence Secretary at the time, gave approval seven
years ago for the “largest and most powerful warships” ever built in
Britain, the cost to the taxpayer was to be an eye-watering, but manageable,
£2.8 billion.

The two 65,000-tonne aircraft carriers would become the centrepiece of the
Royal Navy’s fleet for decades to come. Within four years, however, the
price had risen by one third to £3.8 billion. It now stands at £5.2 billion
with new equipment about to add £750 million to the bill. The ships are
still half a decade away from entering service